The Spanish football (soccer) player and talismanic captain, who is the World Cup’s “Player of the Tournament,” has been seen promoting a crypto-based trading platform called Binance from his official Instagram page. The regulator in charge of preventing money laundering concerns about this deal.
The “Spanish regulator raises alarm on Binance promo by soccer star Iniesta” is a news article that discusses the promotion of Binance, a cryptocurrency exchange, by Spanish soccer player Andres Iniesta. The article mentions that the Spanish regulator has raised an alarm on the possible risks and problems associated with such promotions.
A major financial authority in Spain has issued a warning to soccer player Andres Iniesta for promoting Binance, a prominent cryptocurrency exchange.
Iniesta, a talented midfielder who has represented both Barcelona and the Spanish national team, was supporting Binance on his Instagram and Twitter accounts.
On Nov. 24, Iniesta shared multiple photos of himself next to a laptop with the Binance website open and holding a smartphone with various major crypto markets, including Bitcoin (BTC) and Binance Coin (BNB) (BNB).
Hola,@andresiniesta8, Because cryptoactivos are unregulated products, they come with certain risks. It is recommended that you read @CNMV MEDIOS’s 9/2/2021 communication https://t.co/SWRF73xEJj and enlighten yourself before investing or recommending others to do so.
November 24, 2021 — CNMV (@CNMV MEDIOS)
Iniesta has almost 38 million Instagram followers and over 25 million Twitter followers as of this writing. At the time of publication, the Instagram post had over 270,000 likes.
About 12 hours after Iniesta’s message was published, Spain’s securities market regulator, the National Securities Market Commission (CNMV), went to Twitter to warn the player about the hazards of crypto investments.
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The CNMV said in a regulatory statement dated February 2021 that investors should be well-informed about cryptocurrency and its hazards before investing or giving financial advice. “Hello, Andres Iniesta,” CNMV stated, “cryptoassets involve some major risks as unregulated items.”
It’s unclear if Iniesta received any compensation for endorsing Binance. Cointelegraph has contacted the soccer star via Iniesta’s official website and will update this article if fresh information becomes available.